CAT Ends 1997 In Healthy Position

Cambridge Antibody Technology announced it has finished fiscal 1997,ended September 30, in a strong financial position. CAT has L44.6 million ($72.8 million) in cash and liquid resources, L42.3 million of which was raised from financings, including the group's flotation in March (Marketletters passim).

Operating Costs Double Major sources of revenue in the year were a milestone from BASF on the proinflammatory cytokine anti-tumor necrosis factor alpha antibody entering the clinic and an initial instalment of a license fee from Eli Lilly. CAT reported a loss of L8.4 million for the year, compared with L3.3 million in 1996, with operating costs almost doubling to L11.2 million. CAT said that it was confident of taking several of its antibody products into preclinical development to fuel the pipeline in 1999 and beyond.